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region in spain, which itself is far from the center of europe. in this case study we will examine: the relative location of a european hinterland; the historical geography of a region at the crossroads of civilizations; the economic geography of a region wishing to grow from agriculture to industry; and the development of transportation infrastructure to overcome the disadvantage of distance. the expo "cartuja '92" commemorated the 500th anniversary of the discovery of america, which began from here in andalucía, spain. celebrating the frontiers of science and technology, promoters hoped the building complex would attract hi-tech firms after the expo ended. ( speaking spanish ) translator: the expo helped us, but now it's over. what we're going through now, is a post-expo recession. ( interviewer speaking spanish ) translator: what do you think of the expo? translator: very nice, but now it's over and right now things have never been worse in andalucía. translator: what are you going to do? translator: the same as i've ever done-- wait. wouldn't it be possible to get work elsewh
was get the latest from our correspondent in the madrid. >> the frustration of some people here in spain and particular the young, has pulled over on to the streets for two nights running here in madrid. they were not the violent demonstrations we saw from the night before but there was some tension last night. but many here in spain feel the government here has no choice, that it needs to reduce its spending to balance its budget for the to convince the eurozone which have already helped out the banks here and might have to help spain again. late last night, thousands again gathered on the roads around spain's parliament. again, a tense atmosphere as the police moved in. but there was not violence, like the night before. all this as the government prepared to set out its budget for next year. >> the sense of deja vu as the spanish government once again cut tens of billions of euros from its budget. this is bain doing its part of its deal with the eurozone, which has already pledged up to 100 billion euros for troubled banks here and will soon probably have to help spain again. what is t
at the next move for one of europe's largest economies. >> it is difficult for spain now that the country is a modernized and competitive. the closer you get to the politicians here, you realize how few of them are prepared to except what that means. >> when we talk to an author. >> the two main characters -- >> hello. kenya has been rocked by the discovery of mass graves. the grapes are believed to hold the remains of more than 100 -- the graves are believed to hold the remains of more than 100 people. after the last election, violence claimed more than 1000 lives. our east africa correspondent gabriel gatehouse examines the latest massacre and the upcoming vote. >> by the time we got to the village here, there was no one laughed. most of the thatched mud houses had been torched. the only living things were the flies and the birds picking over the remains of the butchered animals in silence. the attackers had come in the early morning. there were several hundred men. some more armed with guns. most were armed with spears, clubs, or bows and arrows. they set fire to the huts. some ran for
. >> spain could see a round of fresh strikes tonight after protests in madrid and barcelona turn violent. >> police on high alert following the events in spain as the new coalition government in athens braces for its first strike. >> japanese auto makers scale back production in china as anti-japan protests take their share. shares of toyota and nissan slam in reverse. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to today's program. the conference board measure went up. ignored that yesterday. >> u.s. consumers are about the only consumers who seem to be doing somewhat better these days. certainly not the case across most of europe. >> not that happy in spain. spanish police and protesters clashing in madrid last night. thousands descended on the country's parliament, demanding fresh elections and an end to cuts and tax hikes. joining us on the phone is a reporter for the newspaper. i think you've been up all night. how would you describe the mood on the streets and the strength of these clashes? >> reporter: people were, like --
checks are needed before being deployed to the front lines. >> still to strain in spain. stepping up their fight for independence. more ice has melted in the arctic ocean, more than any other time in 30 years. the summer melt has now reached its peak. politician from the environmental committee have called for a complete halt to oil and gas drilling until better safeguards are in place. >> scientists have noticed a steady increase in the summer ice melt in the arctic for the last 30 years them but the rate this summer has taken them by surprise. the ice left is about half the average amount seen this time of year. these images show the scale of the problem. around 1 million square miles of ice is still left. the average is usually 2 million. that means an area 12 times the size of the united kingdom has vanished, setting a new record. the figures come at a time when the environmental committee has called for a halt of oil and gas drilling in the arctic. they went to see a coordinated response plan for accidents, and limited to financial liability for oil companies if an accident occu
.s. urges calm saying good relations are in everyone's interests. >>> spain's leadership is divided by bailouts. reports suggest the prime minister wants to avoid full sovereign aid although the finance minister is ready for a rescue. >>> and india's central bank frees up new cash by cutting reserve ratios for lenders. but the rbi keeps its key rate on hold muting the government's push for more growth. >>> start of a brand new week. >> yes, it is. >> you've been busy i understand. >> that's right. so this weekend, went and caught a couple fashion shows here for london fashion week, and i have to say, it was quite the scene. basically everyone standing around taking pictures of one another. this was pretty extraordinary. almost like you're looking at modern art, trying to appreciate it? no, this was one of those where you showed up and she's a favorite of the middleton sisters. >> stuff you can actually wear. >> absolutely. you sort of wonder aim going to wear a black glitter bathing suit tomorrow, no. but could i maybe wear one of those, sure. >> well, you wouldn't wear it on air, b
. >> reporter: the focus is going to be on spain. many are questioning whether they can push through these pretty stringent cuts in their budget. spain is going to release the austerity budget plan for next year. it proposes a 50 billion dollar reduction through spending cuts and tax hikes. under the plan ministries are to cut their budgets by an average of 8.9%. public sector labor cost will be reduced by 3.9% through salary freezes. this will be achieved for an increase in the value added tax rate introduced earlier this month and a new tax on lottery winners. with the new budget the government aims to cut the deficit to 4.5% of the gross domestic product in 2013. it aims to lower the rate to less than 3% in 2014 to fulfill its pledge to the european union. observers say the government may face difficulties to achieve its reduction target this year. they site sluggish growth due to a deteriorating economy than many analysts had expected. let's get a check on the market. prices rose in new york overnight as they cheered spain's effort to fix troubled finances. we got some economic d
. >> in spain, thousands around the parliament. police charged the crowd. 35 are arrested and 60 are injured. then living under drones. >> droens cause death to civilians and terrorized entire populations. >> we need to rethink our policies in light of the disastrous impact the drone strikes are having. >> in major new report on the secret war in pakistan says the effects have killed far more civilians than acknowledged. we will go to stanford and new york university. then we look at why the wisconsin gov. once you in a unionized referees back. >> who has it? who will they give it to? >> as replacement refs blow a critical call, we will speak to dave zirin. all of that and more coming up. welcome to democracy now!, democracynow.org, the war and peace report. i'm amy goodman. syrian rebels have bombed a military command building in damascus, the latest in a series of attacks targeting the regime of president bashar al-assad. the rebels claimed dozens of forces were killed, while the regime says several people were wounded. greek workers are holding their first general strike today. thousands
and that is the very subtle difference between spain and pretty much everywhere else, different from italy, different from greece, in the fact that now the government is having to mop up the problems from the housing sector, from the individuals who spent too much, from the regions and of course the banks, as well. the 2012 budget had 64 billion euros worth of austerity built into it. that was designed to get the deficit levels right back to those iconic levels, but they missed on their deficit star get last year and they'll miss on this year. they're hanging on to #.5% bond you this believes if not reable because austerity on top of a recessionary environment is a toxic mix. >> the ecb saying spanish bank deposits down 1.1% on the month in august, which means they're now the lowest level since april 2008. and we've got a prime minister there who has effectively said to the markets come out and short me because we're not going to go for a bailout unless webo costs go higher. and he's trying to delay aid until after the catalonia elections. and that seems like a pretty thin tight rope to walk. loan i.
budget proposal, the results of the spain audit/stress test, we've got, what else -- it's the end of the quarter. britain is announcing it libor reforms. >> that's not what i was talking about. it's the ryder cup, folks. forget all that stuff. >> by the way, i had to google the ryder cup. >> far more important event. >> we'll talk about that later in the program. >> i don't know who insisted on that, but apparently we are going to cover it. >> before we get to that, the government of hollande is about to present it first budget. its expected to whicheverdelives of tax hikes. meantime european policymakers are appraising spain's reform plan. but today the government must brace for the results of the banking stress tests that will determine the recapitalization needs of the country's most troubled lenders. we have steve sedgwick following the story in thmadrid, but firs out to stefane in paris. it sounds like there will be a contrast with the spanish budget. it's tax hikes that seem to be the focus. >> in france it will be focus on tax hikes. that's the decision about to be announce
? >> as the ecb finds ammunition for its bazooka, and revolution is brewing in spain. this week as europe tries to get its house in order, we meet a brave heart fighting a battle for financial freedom. >> the europe of the people. the europe of the wants to do not have anything. the unemployed. people who demand a new reality. >> and new evidence it may be too late to save our icecaps. >> the volume of ice and goes up in the winter and down in the summer. but it has been declining for the last some 30 years. it is now at the lowest level since records began. the euro at any price? that seems to be the model of the head of the european central bank. mario draghi's plan is to buy bonds to try to stop those country's debt by becoming uncontrollable. unlike greece, there will be no punitive austerity measures. seems like spain and is concentrating his mind. it is there that as it is the greatest chance of a congregation. our economics editor is in madrid. >> this is a significant moment. there is a bailout fund for europe but is not enough to bail out madrid. they needed something bigger and that's
in spain and greece. >> we are waiting to see if there will be more unrest this hour. we have been monitoring on twitter calls for people to come out and protest again, similar to what we saw last night. that would be troublesome. there was a lot of violence in madrid as thousands of protesters tried to surround the parliament shouting, let us in, we want to evict you. the reason they are protesting is because on thursday the government will reveal budget reforms, changes to cuts in social spending, rising taxes, we're pretty sure of as well. we don't know the details yet. they know it will be painful and they are unhappy pause they have suffered a lot. this is a country with high levels of unemployment. in the last hour, the prime minister of spain has been speaking with editors at the wall street journal. rajoy revealed some of the budget changes they will announce tomorrow including no more early retirement. he's saying there were a lot of people allowed to retire at age 60. now they have to wait until age 65. this might be a disappointment to europe. they expected him to say yo
economies like spain got thrown a lifeline to it. the european central bank said it stood ready to buy unlimited amounts of bonds to help bring down borrowing costs for countries like spain and italy. the market's bounce on news of an ambitious plan designed to ease the eurozone crisis -- the market's -- the markets bounced. six weeks ago, mario druggie promised to do whatever it takes to preserve the europe. today, explain how. >> we will have a fully effective backs up to avoid destructive scenarios with potentially severe challenges for price stability in the euro area. >> so how with the plan work? the ecb would buy unlimited government bonds from a eurozone country asking for help. that should drive down the country's borrowing costs, but there would be strings attached. nations would first have to request help from the eurozone's bailout fund, and except strict conditions such as austerity measures. >> on the streets of madrid today, protests against a visit by the german chancellor, angela merkel. they blame her for austerity. when she met with the spanish prime minister, he wou
. this will help member nations such as spain lower their borrowing cost to help them contain their huge debts. the focus now will be whether spain and other countries will actually ask for financial assistance. under the plan announced on thursday, the ecb will buy government bonds from the markets. the operations will focus on bonds that mature within three years. however, there are conditions attached. countries asking for help must implement reforms and get the agreement to use funds contributed by eurozone states. the government bond yields the nations with debt problems. this enables those countries to issue bonds on their own and borrow money from the the market. challenges remain to resolve the region's debt woes. struggling nations will need to boost their economic growth while undertaking austerity measures. >>> now the decision appears to have calmed down the bond market for now. spanish and italian government bonds were bought back. the yield on the spanish benchmark ten-year bonds declined from the mid6% range to just over 6%. the yield on the italian benchymark ten-year bonds fel
're seeing in italy and spain. >> we've seen people in the market talking about how the spread between france and germany coming in so much in recent weeks perhaps overstates the strength of the french economy, now those figures come out and if you're positioning for french weakness, that seems to be the place to be. >> certainly supports it, yes. although we do have to be careful. september, there's a big return to business from the holidays in august. we did do try to account our best seasonal disruptions, but you can never be perfect. it's not that science. so we do recommend you look at the last couple of months as a whole role. but even then, you see strong divergences there. >> what's interesting is if the market will interpret it as worse because a stronger germany may make it difficult to get everyone in the eurozone or central bank on board where they need to be perhaps more aggressive or more accommodative to support the economy. >> last month we were seeing convergence and contraction, but all heading in the same direction which makes policy making easy. what we also saw was feed t
economy. spain has convinced germany for rapid action. i am joined now by our correspondent in berlin and madrid. steve, if i could come to you first. what are they discussing at the ecb? >> basically, whether to buy up spanish debt. if the price of borrowing gets too high. mr. mario draghi indicated he would do whatever it takes, how much he would be prepared to spend of the ecb's money, and germany is uneasy. willet it be a vague promise to buy debt or something more than that? >> how important is this meeting for spain? further down the line, italy possibly. >> the spanish government argues that the crux of their problem at the moment are high borrowing costs. they cannot go to the market and get money at a sensible rate of interest. there are two scores of thought white spain's borrowing costs are so high -- thought why spaipn's borrowing costs are so high. >> some would say it is the ecb offering direct help to governments which it is not supposed to do and people in germany are now convinced. >> tom alluded to the problem. if you think the spanish problem is that its economy is
become all too familiar in europe, facing spiraling deficits and higher unemployment, spain unleashed drafting spending cuts to date are around $50 billion. it is europe's largest -- fourth largest economy. gavin hewitt has more from madrid. >> lines of police outside the education ministry in madrid tonight. teachers protested here against cuts. they came onto the street at the government's announced the most severe round of budget savings so far. these latest austerity measures are widely seen as paving the way for a full-scale bailout. >> [spending -- speaking spanish] >> the minister of finance said he heard 2012 would be the last year the economy would shrink. another minister described it as a crisis budget designed to exit the crisis. this austerity budget aims to find savings of 40 billion joerres next year. each government department would how to make cuts of 90%. public-sector pay will be frozen for another year, and the retirement age is set to rise. >> just a few weeks ago, europe believed it had achieved a breakthrough. the european central bank said it would help come --
republic. controversial mines -- gold rush in spain. and flexible giant -- polar bears in the arctic summer. >> the czechs hard to beat when it comes to drinking alcohol. statistics say they consume more than any other eu nation, but they have also made a name for themselves as alcohol producers. the original budweiser beer, for instance, comes from the czech republic and not from the u.s. but rd liquor islson high demand, and it is expensive. the czech police have arrested members of a gang who made a fortune selling tainted liquor. more than to give you a dozen people died after drinking it, and numerous others are less scarred for life. >> vladimir drank just one glass of from the fourth watching a football game, but something tasted wrong. now he is lying in bed in the hospital blind and seriously ill, just like 20 others in his neighborhood. >> it was like somebody suddenly turned the lights off. everything went great. then my daughter brought me to the hospital. by that time, i could only see silhouettes. >> now? how's it now? >> now everything is start. completely black. i cannot eve
. what can we do for you? >> more writing in europe. this time in spain as the euro crisis strikes again. this week, clashes between protesters and spain as the government sets out its austerity budget for 2013. the country is now ungovernable? we look at florida, a crucial swing state in the upcoming election. david cameron reaffirms its commitment to sending 0.7% of gdp and foreign aid. can western countries afford to be so generous? and juliette binoche has returned to the london stage after 12 years. >> you can say any age because it is about passion and love. who you are. hello. a budget for a crisis to get us out of the crisis was the way the deputy prime minister described her government's actions. 40 billion euros worth of cuts by her government was met with the stress from the spanish peseta since all the european commission -- what nobody knows is whether the markets will be pacified. >> of spain has been bracing for this day, counting down to what they knew was going to be painful. tv stations have been cobbling little else for weeks. their viewers were shocked as the intensit
appraisal of how the program will be working. spain which should be seeing some degree of positive movement to come from this. at the same time we have to bear in mind while this is a positive development, the situation in greece is still, of course, hanging in the balance there. and the economic news such as yesterday with the pmi data is suddenly very bad. >> we'll speak to thomas from the euro group and we can ask him about that part of the equation. >> good idea. >> that's kite hanquite handy. >> the question is about spain, if draghi lays it out and says this plan is going to if "x" happens i wonder if it means spain won't have to -- >> your issue for this could be tied up behind closed doors and announced as one big package. it would have a much better impact on markets and that's what would happen if this was done in washington. we discuss europe for many, many years and these decisions take time to get knitted together and this is a sequence we've got. we've got that euro group meeting coming on the 14 the of september. that's going to be very important. that's when i would expect t
-- let's have one more -- would apply to spain's most troubled banks. meanwhile, spain's prime minist minister, apparently it's -- caruso cabrera is here to work on announcers. you should be here when andrew here is here. he's not in today. he's ready to seek a new rescue package for his troubled country, but only if spain's debt financing costs remain too high for too long. investors have been worried about madrid's apparent reluctance to seek a bailout. >> we checked on the global markets already. now let's take a look at the broader picture. again, the futures here in the united states look a little better after what was a pretty lousy day yesterday. i think it was the worst day for dow in the entire month of december. it was the worst day for the nasdaq in two months and it was the worst day for the s&p in throe months. oil prices continued to push lower and they do once again this morning. they're down another 64 cents to $90 and change. that's been the one bright spot that's been helping out things like the transports, but again, yesterday, every single one of these sectors is d
in august. >> and spain is executive to announce an emergency rescue before suggesting an injection up to 5 billion euros. >>> plus, the fed leaves markets guessing on further stimulus as all eyes turn to manufactures and jobs data later this week. welcome to the show. you're back, which i'm thrilled about. >> i'm thrilled about it, too. on a day we have so much data, ross. we have three hours of programming. >> we do. we're going to recap this pmi number for you. the eurozone august final pmi, 45.1, weaker than the flash 45.3 we had a couple of weeks ago. it was 44 in july. the output index, weaker than the flash and the final manufacturing pmi output prices index, 48.6. but all those numbers are slightly firmer, albeit an incredibly low base. so contracting faster than we previously thought. peter, let's kick off with you. i'm just wondering, as we continue to get this status weaker than we might have thought, just regarding the bigger issue of what the ecb may announce, i'm wondering whether there is any justification for a rate cut. well, i mean, the ecb would argue purely on the econom
to the eurozone crisis -- will spain asked for a bailout? >> public debt in spain has been soaring. the nation's 17's autonomous regions have around 140 billion euros of debt. >> several areas have requested bailout from madrid. the mediterranean region of valencia has been called spain's greece. >> it's 1:00 in the afternoon and parents are picking up their children from school. if you could actually call this school. this elementary school in one of the best neighborhoods in valencia consists of welded together sheet metal containers. the heavily indebted government cannot afford to construct a proper building. parents are outraged. >> our children are suffering from the bad conditions here. toilets are overflowing because the pipes were poorly laid. it gets hotter in here that a normal building and it's cold in winter. they are even planning to bring in more containers. >> this the's brand new museum and cultural complex is only a few steps away from the sheet metal school. these spectacular buildings cost more than a billion euros. the parents criticized politicians for not investing more
holding back the protesters. this was yet another demonstration against spain's economic reforms. the government is set to announce yet more austerity measures on thursday. 63 >> it's time for people to rise up. they're taking us back to the 19th century. >> but for every protester, there are many who did not turn out. all the anger against austerity, there are others who believe the spanish government has to reduce spending and reform the public sector. most protests in spain are still peaceful. but tonight showed there's more attention in a country in recession with high unemployment. now the government's reforms are making life for many here even harder. bbc news, madrid. >> the controversial south african politician julius malema has been charged with money- laundering at the start of a trial that he says is politically motivated. he is accused of using his former position as the leader of the anc's youth league to secure a provincial government contracts for a firm in which he and his business partners had a stake. andrew harding joins me. we know that julius malema has a po
$116 billion worth of projects this week alone. >>> mario draghi's bond buying plan. the spain and italy's prime ministers say they'll refuse whether they'll request a full bailout. >>> the reaction the ecb move has put the focus squarely on eurozone politicians and we'll be joined by the cos of eli lilly. and eni. >>> in is the sentiment across the european markets. buying on the back end of monti's speech yesterday. you may notice some of these big names at top, many french names at the top of the chart but some of the italians like bnp, iconic lender which has been in trouble of late but getting a bump today. if we move on to some of the individual markets, you can see the extent of the gains. the ftse looking tainted, so far up just a fraction. xetra dax adding 0.5%. the cac putting another 0.8% on the boards. it is some of these peripheries that really spiked after mario monti adetailed the buy back yesterday. let's take a look at bond markets. fair bit of yield, but let's start out with safe haven trade. german bund rising as we see the gap closing. the ten-year at 5.74%.
, greece, and pain spain. piigs. two is there. let's give you the state of where they are right now. and the best way we thought was their ten-year yields. let's see if we can zoom in just a little bit here. portugal, their ten-year is yielding 8.9%. italy nearly 5.2%. here's what i think is the most interesting. ireland at 5.1. matching italy. even though ireland has had a full bailout, they seem to have the country that's coming back the most. they've actually been able to borrow money, which is unlike greece. spain still can borrow money. look at the yield on greece. 20%. this is the new debt, guys. right? so a lot of people think they're even going to default on their new debt. spain is yielding 5.9%. let's give you a look at where they stand when it comes to unemployment. pretty horrendous across the board. portugal 15%, italy 10%. ireland 14.7%. greece and spain above 24%. we want to drill down, though, into ireland because once again just as their yields are looking actually pretty good let's drill down into their unemployment levels and you'll see, so this is spain, a contin
technical level of 1450. the s&p and nasdaq having their worst days in months. protests in spain today demanding parliament be dissolved and elections be held. we'll bring you the details on the ground in madrid coming up. meanwhile, the market closing at the lows of the day. things intensifying at the end of the day amidst what's happening in spain as well as the week that we are ending, the third quarter. expectations that earnings are coming in after caterpillar warns and fedex a couple weeks ago. liz saunders says she's beginning to see things in this market that can be a good thing. she joins us now along with janua own rick santelli. what would you attribute this end of day selling to today? >> i think on some technical measures, the market certainly is a bit overbought. we've been saying we wouldn't be surprised to sew ed td to see al back. i think it shows maybe there were itchy traders looking to take some profits. clearly what's going on in spain brings the problems there back to light and we thought would continue to provide short-term volatility from time to time. so far, i
from what is going on in europe. we are watching protests going in both spain as well as greece. red arrows across the board. take a look at the decline in germany, down about 1.9% this morning. our road map does start off in europe. opening the way to possibly declare independence. bond yields will approach 6%. in greece, tens of thousands protest austerity measures there. >> stocks closed yesterday at the lows of the session. these comments from plosser, also throwing more cold water on the qe-3 rally. >>> goldman sachs raising estimates on the heels of a blackberry jam conference. apple, meantime, continuing under pressure this morning. >>> athens this morning, madrid, last night. the issues are the same in both cities. more cuts in government spending and higher taxes as they try to balance their budgets. michelle caruso-cabrera joins us this morning. ft calls this a step toward a full blown constitutional crisis in spain. why now? >> absolutely. when it comes to spain, why now? there's going to be a new budget announced tomorrow. that's expected to have new austerity measures th
the latest. >>>. >> protests in north africa continue. >> and pressure mounting on spain as eurozone finance ministers meet and report in a dutch paper suggesting the ecb is negotiating with the imf on the spanish rescue package worth 300 billion euros. stefane is following the story for us. >> reporter: it looks like it's a pretty good report to be honest because 300 billion euros is more or less what would be needed for a spanish bailout, for the amount of this potential deal for spain is credible. regarding the fact that the imf would be implicated in that story, again, it's credible because if you look at what the prime minister rajoy say a few days ago, he said he had no objection to the imf monitoring the spanish compliance with the condition of an international bailout. it's all about the condition of the bailout because if you remember also the prime minister say spain would not accept any additional condition for a bail skrout. he believes that the country fills all the requirement for the bailout in particular with respect to the european budgets target, deficit target that has bee
of power, but in these times of crisis, some european countries, including spain, have all but pulled the plug on support for green energy. we visited a town that has lost the funding it used to get from the central government and with it, the few jobs that it had. the town mayor was so outraged that he put his life on the line in protest. >> madrid, 4:30 in the afternoon. he tak up his post outside the ministry of industry. he is 90 days into his thunderstrike and has already lost 25 kilos. he is visibly weak. three days ago, he was hospitalized. >> they admitted me because i had heart problems. because the body uses up its carbohydrate reserves first. then it's fatten and its protein reserves or muscle mass. and the heart is a muscle. >> but he was undeterred and returned to his spot in front of the ministry as soon as he could. he is as committed to his cause as ever. early this year, the spanish government cut subsidies for renewable energy in albuquerque, leaving his home town -- many in his hometown out of work. >> sometimes you have to risk your net to raise awareness of what m
that europe is the most important step spain has taken in a long time. >> a single currency -- >> europe is very important and crucial in the long term. disaster in the short term. >> opportunity, jobs. europe is a very advanced continent. the living standards, in general, are higher than in spain. >> i would like to see the european union for their united. spain could learn a lot from europe. i hope we continue to develop -- further united. spain could learn a lot from europe. i hope we continue to develop. >> ♪ >> europe is a good idea. right now, there are too many differences and misunderstandings between eu countries. >> europe is pretty near dead right now, but it will revive. we must remain united. we all share a cultural identity. dam it europe has grown into a single entity. that is our strength -- >> europe has grown into a single entity. that is our strength. >> it is up to grow our future -- up to us to grow our future. >> now a perfect ending to a perfect summer -- london is looking back at a sporting event of the century. tens of thousands of fans took to the streets to c
spain's next move can take the pressure off italy. >> and the crowds are buildings as they lean up to be the first on the planet to get their hands on the new iphone 5. oh, yeah, 5's alive. there's been a bit of an issue about -- >> french workers striking at the iphone stores in paris. i would imagine apple is one of the few places where you do have some war gainifwa bargaining po days. p. >> silvia will join us and get the view on the spain sticky situation. >> and job cuts in europe. reports of just 30% will have to go and we'll get an expert view from the region. >> plus it is iphone friday except in paris where the striking workers may delay consumers from getting their hands on the latest model. >> and shifting into high gear in singapore ahead of the grand prix. and finance minister saying the country has no intention of asking for help from the bailout funds. today mar yonti will host leaden rome. and let's get out to silvia who is covering the story for us. what's the purpose of this event and can you tell us what we might expect to hear from the leaders this weekend? >> w
. >> that will help take pressure off the prime minister, who is seeking to avoid a bailout. spain says they will ask for around 40 billion euros of the total sum, while the rest may be able to be raised by the banks themselves. the european commission welcomed the results. >> let's take a look at markets. european shares were on a bit of a roller coaster ride this friday. after moving higher in early trading, that ultimately finished the week on a down note. our correspondent sent us this summary from frankfurt. >> spain remains in the focus of international investors, also here on the frankfurt floor where shares fell sharply today. in the morning, investors cheered the austerity measures that the spanish government has decided, but the stress test for spanish banks dragged down the mood here for shares. further on, there has been a lot of speculation going on that the big rating agencies could downgrade spain again. this would lead to higher yields and would be very difficult for spain in this situation. >> we stay in frankfurt for a quick run through the numbers. the dax plunged, as we saw there,
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